mported a brand-new car in 2021. The importation was valued by the BOC (inclusive of other charges and taxes, except vat) at P3,000,000. Assume Pia imported such for personal use. Determine the input vat on importation? P0 c. P30,000 P90,000 d. P360,000
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Pia imported a brand-new car in 2021. The importation was valued by the BOC (inclusive of other charges and taxes, except vat) at P3,000,000. Assume Pia imported such for personal use. Determine the input vat on importation?
- P0 c. P30,000
- P90,000 d. P360,000
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Solved in 2 steps
- J, VAT registered taxpayer, had the following data on importation in 2022:Invoice cost (exchange rate $1: P46), $56,500Custom duties, 12%Freight, P200,000Insurance, P280,000Other charges before release from customs house, P70,000Facilitation fee, P100,000Freight from customs house to warehouse (net of VAT), P120,000The imported goods were sold for P6,650,000 (inclusive of VAT) 10 days after itsdelivery to the warehouse.How much is the VAT Payable?Jady imported a brand new luxury car from the USA for personal use of Paula. Total landed costs was P15,000,000 exclusive of customs duties of P3,000,000, excise tax of P2,000,000, and facilitation cost of P1,000,000. The VAT payable should be: a. 240,000 b. 360,000 c. 1,800,000 d. 2,400,000OMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the company spent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for $10 million. d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021. The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January 2021 were $1,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 15%.
- Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an non-resident owner or lessor of vessels Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a resident foreign corporationOMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the companyspent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for $10 million. d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021.The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January 2021 were $1,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 15%. Part CJohn Peter is aware that there is no Capital Gains tax in Jamaica.…Part BPTI Inc., located in a country which has a capital gains tax, conducted the followingtransactions:a. Purchased a building in February 2018 for $26,000,000. In March 2019, thecompany spent $2, 800,000 to install solar panels for electricity in the building. Thebuilding was sold for $40,000,000 in 2021. The annual maintenance cost was$500,000. The cost of advertising the sale of the building and the legal feesamounted to $1,200,000.b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle wassold in 2021 for $4.5 million.c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021for 1 million.d. Purchased a Government bond for $5,000,000.The company is entitled to Annual Exemption of $500,000. Capital losses as at 1 January2021 was $7,500,000.Required:Calculate the capital gains tax in 2021, assuming a capital gains tax of 20% If PTI Inc. were resident in Jamaica, what would the balancing adjustment be on the sale of the motor…
- A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero1. In 2020, X Corporation had the following data: Sales of 1M and cost /expenses of 500,000. Can we apply the 8% rate in the computation of income tax? 2. A, Canadian citizen living in Manila, has the following income in 2019: interest income from loan granted to resident of Cebu amounting to 50,000; salary for services rendered in Italy of 100,000; sale of personal property with gain of 300,000 (located in Manila); rental income from properties located in Japan of 100,000. What is the income tax due of A under the GTR? 3. Asta, non-resident alien not engaged in business in the Philippines, has the following income for 2019: Business income in USA of 7,000,000 and; Other income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta? 4. In 2019, A, employee of MCDO Corp, has an annual salary of 2.5M only. Can A avail the 8%?An Omani Establishment sold goods worth OMR 110,000 on Credit in which the debtor made payment of OMR 106,000 on 5th June, 2018. However, the company had written off OMR 4000 as bad debts and claimed deduction as an allowable expenses at the end of tax year 2018. On 3rd June 2019, the defaulting debtor made payment of RO 4,000 which was included in the profit and loss account of the tax year 2019. The tax treatment in regards to bad debts of RO 4,000 for the tax year 2019 will be a. To be ignored for the tax year 2019 b. To be taxed in the tax year 2020 c. Deemed income for the tax year 2019 d. To be added for the tax year 2018
- ISKOLAR started constructing a building to be used for producing its goods in January 2021. ISKOLAR incurred interest of P100,000 from its borrowings to finance the construction. In 2021, the Company also earned interest income of P20000 and dividend income of P30000 from its temporary placement of the proceeds from the specific borrowing. According to PAS23, how much borrowing cost should be capitalized by ISKOLAR in 2021?1. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000 2. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero 3. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How should the excess input VAT be treated? A. As a tax credit (deduction against other output VAT or revenue tax) B. As a tax refund C. either of the two aboveIsaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2021, Isaac had $676 million in sales of this type. Scheduled collections for these sales are as follows: 2021 $ 83 million 2022 137 million 2023 129 million 2024 162 million 2025 165 million $ 676 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2021 balance sheet?